Technical analysis of USD/CAD for July 28, 2015

General overview for 28/07/2015 10:30 CET

The corrective cycle is still developing as the b green and c green waves are needed to complete the correction. The market is very range-bounded, but is trading above the weekly pivot and inside the bullish zone. Nevertheless, the downside breakout is expected in order to complete the c green wave. The first support comes at the level of 1.2947, but it might get easy violated.

Support/Resistance:

1.3100 – Intraday Resistance | Swing High|

1.3026 – Weekly Pivot

1.2952 – WS1

1.2947 – Intraday Support

1.2839 – WS2

Trading recommendations:

Currently, the market is consolidating the gains inside the bullish zone and daytraders should wait for a clearer pattern to appear or for the corrective cycle to get complete.